金融中介杠杆率的顺周期性——基于资产负债表规模的分析

2007年次贷危机引发了实体经济的衰退启发了学界对金融经济周期理论的研究。本文从资产负债表规模的角度来探讨金融中介杠杆率的顺周期性,在金融机构行为最优化的基础上,分析了金融中介通过调整资产负债表实现最优化杠杆水平的过程,并得出了金融中介顺周期的特性,同时阐述了金融中介资产负债表放大机制。此外,金融中介机构对未来的乐观估计导致了其调整杠杆率水平,并且愿意承担更多的风险投资。当风险不断累积,超过了金融体系的承受能力时,就会引发整个金融系统的崩塌。     

从次贷危机透视现代金融脆弱性

次贷危机的纵深影响使得全球经济增长减速,并演变为一场全球性全融危机,本文从金融脆弱性的角度来研究次贷危机,认为次贷危机是现代金融脆弱性的综合表现,并提出我国应采取的"抗脆弱性"措施.     

美国次贷危机的发展及金融市场的稳定

2007年2月,美国第二大次贷机构新世纪金融宣布2006年第四季度业绩将出现亏损,美国次贷危机出现。随后次贷危机全面暴露,住房抵押贷款公司破产,对冲基金被迫清盘,投资银行宣布亏损,商业银行和保险机构也遭受了重大损失,全球股市大跌,次贷引发的信用风险最终演变成一场全球性金融危机。本文从次贷危机的起源与发展为切入点探求美国次贷危机对全球经济和金融稳定的影响。     

基于行为经济学视角的信贷市场研究

次贷危机从2007年爆发至今已经给全球经济造成巨大的破坏。通过行为经济学理论对次贷危机下的信贷市场进行分析,发现信贷市场存在信贷配给以及面对危机时人变得短视,这些放大了次贷危机对信贷市场的破坏,继而引发了经济的长久衰退。面对危机,我们需要进一步完善和规范金融监管和金融创新的有关制度,并且加强全球范围内的合作。通过更完善的制度规范引导人们的市场行为,并使人类通过自身的制度内化能力将其内化为人类的行为准则,我们可以重建社会信任,恢复信贷市场活力,最终走出次贷危机。     

论美国次贷危机对中国的启示

2007年美国爆发的次贷危机对于经济高速增长的中国产生了重要影响,本文分析了美国次贷危机的产生和发展后,提出了一些发展和完善我国房地产金融、金融监管和对外投资的建议。     

金融阈值视角下的金融危机——从美国次贷危机看被漠视的金融临界点

此次美国金融危机是过度衍生和过度虚拟的金融资源危机,是全球经济金融发展的最大的不可持续,再次尖锐地考问虚拟经济与金融的本质及二者有无边界。金融必须尊重极限,仅用增长规模和财富聚敛作为衡量成功的惟一尺度,正破坏着珍贵的金融资源。通过生态阈值的警醒、逻辑斯蒂增长模型的提示,应该认识到金融发展和扩张同样有其不可逾越的金融阈值。面对人类贪婪而自负的挑战,次贷危机的爆发证实了金融临界点的客观存在性。沙堆实验、混沌论提供了理性认识金融阈值的科学方法,而确立正确的价值观是更为现实的道德标准。     

美国次贷危机对中国资产证券化的启示——由雷曼兄弟公司破产说起

2007年次贷危机在美国全面爆发,以雷曼兄弟公司为代表的金融机构的破产引发了全球性的金融海啸,其根本原因是滥用资产证券化这种金融创新。以雷曼公司破产为出发点,分析美国次贷危机的原因,并以此为借鉴对发展我国现阶段资产证券化提出了一些建议。     

有效金融发展理论综述

有效金融发展理论是研究金融体系（包括金融中介和金融市场）在经济发展中所发挥的作用以及如何建立有效的金融机构体系和金融政策组合来最大限度地促进经济增长的理论。2007年春天以来，全球爆发了始于美国“次贷危机”的全球金融危机，这给全球经济金融带来了巨大的危害。为此，有效金融发展的问题再度引起了国内外专家学者的关注。本文将对现代有关有效金融发展的理论进行梳理和评述，以期促进该理论的不断发展和完善。     

次贷危机对我国房贷市场的启示

美国次贷危机爆发于06年下半年,在07年4月美国第二大次级房贷公司新世纪金融公司倒闭后引起了世人的普遍关注。截止到09年5月,全球累计发生的资产减记和信贷损失已经达到5736亿美元,次贷危机演变成了席卷全世界的金融海啸。这次次贷危机的发生也为正在处于发展初期的我国房贷市场敲响了警钟。     

美国次贷危机对我国银行业风险管理的启示

爆发于美国的次贷危机席卷全球，对国家金融环境产生深远影响。本文分析阐述了次贷危机产生的原因，针对了美国次贷危机中暴露的一些问题及我国银行业存在的风险管理漏洞，提出完善我国银行业风险管理的一些建议。     

Financial Development and the Social Cost of Financial Intermediation in Africa

This article investigates the effect of financial development on the social costs of financial intermediation across a large number of banks in Africa. The study distinguishes between countries that are financially developed and those that are not financially developed to examine the impact of financial development on the social costs of financial intermediation. A sample of 260 banks from 29 countries in Africa is used over an 8-year period from 2006 to 2013. We employ both Random Effect and GMM techniques to resolve the issues of unobserved heterogeneity and endogeneity. We observe that overall, financial development reduces the social costs of intermediation. We also determine that the social costs of intermediation are lower for countries that have more developed financial systems compared to those with less developed financial systems. Our study is useful because it suggests that if countries want to reduce their social costs of intermediation, they should develop their financial systems.     

金融中介对技术创新促进作用的实证分析——基于长三角城市群的面板数据研究

以证券市场为代表的金融市场体系和以银行为代表的金融中介体系都通过提供资金支持、信息与风险管理、完善公司治理等各种渠道促进了技术创新。既有研究主要强调前者对技术创新的促进作用,然而,金融中介在某些方面更具优势,发挥着不可替代的重要作用。对长三角地区数据样本的面板数据实证分析结果证明了金融中介对技术创新,特别是原创型发明的推动作用。实证结果还表明金融业的改革创新对其他行业有较强的示范效应。     

Interview with Robert A. Lindsay,Vice President,Public Affairs and Communication for Coca-Cola Africa Group,United Kingdom

ABSTRACT

The paper empirically investigates the extent to which environmental factors affect the intermediation performance of the financial superstructure in Nigeria. A number of intermediation-environmental models were constructed and estimated against annual Nigerian data from 1970 to 2000. Among the various environments of financial intermediation, the socio-political environment, the regulatory environment, and the eco-financial environment exert very great influences on the operations of the financial superstructure. This is based on the evidence from the results, which revealed the socio-political index, regulatory index, and foreign exchange market variables as the most critical predictors of the financial intermediation-output-related index. Other factors such as inflation, taxation, financial market imperfection, and the growth rate of the economy appear not to exert statistically significant effects on the intermediation operations of the financial superstructure. Generally, the utility of the specified models was satisfied as indicated by the results of the global statistics.     

Conflicts of Interest in Financial Intermediation

The last years have seen a surge of scandals in financial intermediation. This article argues that the agency structure inherent to most forms of financial intermediation gives rise to conflicts of interest. Though this does not excuse scandalous behavior it points out market imperfections. There are four types of conflicts of interest: personal-individual, personal-organizational, impersonal-individual, and finally, impersonal-organizational conflicts. Analyzing recent scandals we find that all four types of conflicts of interest prevail in financial intermediation.     

金融中介发展对中国技术效率影响的实证分析

本文运用随机前沿技术实证分析了金融中介发展对我国技术效率的具体影响。分析结果指出,金融中介发展对于我国技术效率的影响具有明显的区域差异特性。在东部地区,金融中介发展有利于技术效率的增长;但从全国范围来看,这种积极作用发生了逆向变化。     

Intermediation Behavior of the Financial Superstructure in Response to Environmental Stimuli

ABSTRACT

This paper is an empirical extension aimed at investigating the relationships between the indicators of the financial superstructure and its intermediation environments; and especially how the former responds to the effects of the latter. Intermediation-environmental models patterned after multivariate regression, causality, and partial adjustment models of both linear and log-linear formulations were estimated and analyzed. The results reveal that three environments: socio-political, regulatory, and international finance-exerted significant effects on the intermediation function of the superstructure. Previous intermediation successes ginger up current performance. In the long run, the effects of the environmental factors on the intermediation function of the superstructure, in whatever direction, more than quadruples. In any given year, the Nigerian financial superstructure attains only about 21.9% of desired (optimal) FIR. Given this, it would take about 4-1/2 years for it to adjust its intermediation operations (FIR), in light of the effects of environmental factors, to optimal levels in order to significantly impact the economy as desired. Some consistent behavioral traits were identified from the results to include: the precepts of potential maximization, profit maximization, accommodation principles, survival and cost-minimization principles, and the neutrality axiom.     

The Aggregate Behavior of Banks: A Proposal for Prudential Supervision

This study seeks to investigate a macroeconomic approach that could help bank regulators and supervisors perform their task of ensuring financial stability. To achieve this, an attempt is made to explain the behavior of banks by analyzing aggregate time series of credit lending and deposit-taking, which are the variables involved in financial intermediation. This article's main contribution is to present evidence of banks’ behavior in their role as financial intermediaries, in terms of the performance of the variables that represent their credit-granting or deposit-taking decisions. For this purpose the study used a vector autoregressive model to construct impulse response functions and the Granger test. The results demonstrate the existence of bilateral causality between credit lending and deposit--taking, suggesting that banks actively manage the financial intermediation process. In addition, the results show that shocks to deposits destabilize the credit lending process, and credit supply shocks, in turn, destabilize deposit-taking. The latter result is important for understanding how financial instability can arise, and is thus relevant for the bank regulator.     

Bank market power,ownership, regional presence and revenue diversification: Evidence from Africa

We provide the first evidence that African banks with greater market power in lending and deposit markets earn more from non-traditional activities. This is consistent with dominant banks' ability to identify better non-traditional opportunities and utilize their greater bargaining capacity in contract creation. Non-African-owned banks are found to exploit non-traditional banking and earn higher non-interest income. In contrast, African banks in other African countries focus more on traditional financial intermediation. Our findings are important to other emerging markets because their banks are traditionally focused on financial intermediation and regulations and supervision in relation to non-traditional activities are relatively less developed.     

中国碳金融服务体系构想

在我国,低碳发展模式已经确立,碳排放交易系统即将推出,相关主体对碳金融服务的需求将极大增加。然而,就目前的情况来看,我国尚未建立健全碳金融服务体系,这恐将成为我国低碳发展的掣肘。本文在梳理碳金融服务相关研究文献的基础上,从资金融通和风险管理两个方面解构碳金融服务需求,并分析了其特点,依据分析结果及我国碳金融服务现状提出了我国碳金融服务体系架构的设想。     

Migrants’ Remittances and Financial Development: Macro‐ and Micro‐Level Evidence of a Perverse Relationship

Financial development is commonly identified as an important condition for fostering investment and economic growth. It is also believed that migrants’ remittances stimulate financial development in the receiving economy, contributing indirectly to economic growth. We explore the relationship between remittances and financial development using macro‐ and micro‐level data. From cross‐country panel data, we find evidence of a negative relationship between remittances and financial deepening in developing countries. Using household survey data from a study of migrants’ remittances in two CIS countries, Azerbaijan and Kyrgyzstan, we also investigate the relationship between remittances, financial intermediation and ‘financial literacy’ among remittance‐receiving households. While we find some evidence of a positive, albeit weak, relationship for Kyrgyzstan, in Azerbaijan, the relatively more financially developed economy, we uncover a strong perverse relationship. Remittances appear to deter bank intermediation and use of formal banking services. Possible reasons are explored and areas for further investigation identified.